Ediston Property Investm... Share Discussion Threads

[williamcooper104] 16/8/2023 16:08

To be fair they got out of offices and focused on RP (which is why they can now sell) So they had the right idea and then went to sleep (and forgot to put cash on deposit)

[williamcooper104] 16/8/2023 16:07

Probably not would be messy, and O can easily fund it with cash

[tintriangle] 16/8/2023 15:59

Is it likely that EPIC shareholders will receive a shares or shares & cash offer? Realty Income Corp currently pays a monthly dividend equivalent to an annual 5% yield.

[fred177] 16/8/2023 14:02

I think they’ve made it clear they are close to a deal apart from naming the party what’s to tell? They can’t do that for obvious reasons .

[spectoacc] 16/8/2023 13:24

Since circa 2021.

[flyer61] 16/8/2023 13:20

Its likely the BOD are on holiday.

[wskill] 16/8/2023 13:06

They have advisers crawling all over EPIC at this present time after this article a RNS could have been produced nickrl but as EPIC declined to comment on it a deal may be very close,But all in all good news we are seeing progress and it should be above 81p.

[nickrl] 16/8/2023 12:47

@wskill indeed at least an RNS referring to press speculation should be released but the BoDs here are inept

[williamcooper104] 16/8/2023 12:45

Should hopefully sell up property owning SPVs at c2–3 percent over NAV, take most of that in sale wind up costs and then return the lot to shareholders via a voluntary liquidation The final liquidation could be c12 months away but they ought to be able to get most of the cash out pretty soon after closing/agreeing working capital adjustments

[marktime1231] 16/8/2023 12:41

Despite a tendency to be critical suspicious and sceptical I think we can take this as real and good news. Thank you to whomever picked it up in the trade press.

I'm sure you could probably find some negative in how things are being done and argue what you would have done better, but as was neatly said a few days ago apart from business-as-usual this sale and cash return is the least worst option. If there were several interested parties and the winning bidder is a well funded US realty giant we can be hopeful the deal was close to NAV.

Even if it wasn't spelled out Investec can claim they gave a heads-up in the rns update on 3 Aug. Sufficient to allow them to pick up half a million shares (from Momentum ?) at 65.1p yesterday, knowing full well they are about to be realised at a considerable premium.

Congrats to everyone who back this scenario, I was hovering yesterday waiting for a sub 65p opportunity and missed out but I will be more than happy when the share price is up through 72p and my holding turns blue.

Might double up on AIRE with some of the proceeds but still not sure what to do with the rest.

[wskill] 16/8/2023 12:04

See they have told all and sundry but seem to have forgotten to inform shareholders poor indeed I would say .

[llef] 16/8/2023 11:47

I see the price has spiked up - has anything been announced?

[starpukka] 16/8/2023 11:36

Why has the EPIC epic recently changed to random letters and a number in my trading account ?

[nickrl] 16/8/2023 10:37

Surely what TRY wanted was their cash back so they better sell the company not the assets otherwise im voting it down!!

Oh and get on with it as opportunity to recycle the here with the mkt dropping again.

[frazboy] 16/8/2023 10:16

Specto,

I might be mistaken but I’m assuming that EPIC will be sold in its entirety and not just the property portfolio; it’s just the way they’re reporting the potential sale. Here’s hoping…

There’s no way TRY want EPIC to continue as a shell and nor does any other shareholder I suspect.

[riverman77] 16/8/2023 10:11

It never even occurred to me that they wouldn't wind up the company once they'd sold the properties. Would make no sense to continue as the company would still be sub scale (the main reason for closing it down in the first place). I guess we'll find out soon.

[spectoacc] 16/8/2023 09:02

Absolutely, and what I'm guessing 99% of shareholders are assuming will happen. I'm just a bit suspicious why they've never said, and why the co as a whole isn't going over to RIC. Implies they've something job-saving up their sleeves to me, but am hopefully wrong.

[stemis] 16/8/2023 09:00

Once they've sold the properties, I'd strong prefer they wind up the company and return the cash to shareholders. As soon as they invest it in property it loses ~20% of it's value because of the discount the market applies to NAV. If I want to invest it in property, I can buy an existing REIT, which already has the discount applied to the price!

[spectoacc] 16/8/2023 08:53

Logic says premium, but might be talking book - because any of the others could have absorbed EPIC (or bought it) without incurring the 5%. Altho anyone suggesting a NAV-for-NAV deal would have been likely rebuffed.

Spend time, money, and incur losses to become an all-RP REIT, then sell it on the cheap. Thanks TRY.

The price had better be good, and they'd better return us the cash and not decide they want to use it/become a cash shell/invest in AI start-ups.

[riverman77] 16/8/2023 08:45

Agree, unless Realty are willing to pay a reasonable price - at least a 10% premium to current NAV, which as we know was heavily slashed recently so understates the intrinsic value - then they're much better off carrying on as before.

[spectoacc] 16/8/2023 08:45

Generally agree, but a part of me says the failure to invest the cash - even at overnight rates - makes EPIC deserve to disappear, particularly if the price raised is sufficient.

But no one seems able to explain why the co itself isn't being bought, saving the 5% SDRT (or 4.5% of it).

[wskill] 16/8/2023 08:44

At least its at around 81p per share last NAV at end of June ,just a shame there is not a lot of investment interest in UK companies especially when you have the likes of TRY wanting to offload their smaller REITS.

[fordtin] 16/8/2023 08:32

According to Chris Borland of React News, it’s general knowledge that Realty Income Corporation, Abrdn, NewRiver, Custodian REIT and UKCM have been in a bidding war over EPIC’s assets.

Why are EPIC shareholders the last to find out and why wasn’t this information officially reported by EPIC?

Shouldn’t the board of EPIC consider a bidding war to be a strong indication that EPIC have a desirable portfolio which is worth keeping?

IMO, they should seriously consider going back to business as usual to realise the full potential of the portfolio for the benefit of all shareholders.

[flagon] 16/8/2023 08:11

US investment giant goes shopping for retail parks

The Times

Realty Income Corporation, a US investment giant, has entered the Irish market with the purchase of two retail parks ...

Link :

[spectoacc] 16/8/2023 07:34

Interesting, thanks.

Not seen anything about what EPIC will do with the money. If it was going to be a return and wind up, why not sell the co and save the buyer 5% SDRT? Why have they said nothing?

Should hope it is a "..Significant premium.." to the s/p, considering NAV over 80p.